Is a Balance Transfer Promotion good for you?

Balance Transfers promotions are not for everyone. As a consumer, you must analyze if a promotion is going to help you reduce your balance and get you out of debt sooner. If you have the possibility, we suggest that you speak with a financial counselor first. They can help you develop a repayment plan that works for you.

If you are comparing promotions, here are some good things our Balance Transfer promotion offers:

Promotion ends on April 30, 2020.

Click here for more information about our Balance Transfer Promotion

Scholarships Applications due this month!

The People's College Scholarship deadline date is fast approaching (Tuesday, March 31st at 4pm).

If you are attending college for the first time this Fall, don't miss this opportunity to earn $1,000 to help pay your tuition or other college expenses.

Check the eligibility and requirements and submit your application soon to aportada@lespfcu.org.

Click here to learn more about our 2020 College Scholarship

Free Tax Preparation - Drop off version

This year, our free tax preparation site is available through Grow Brooklyn and located at our Lower East Side branch only.

The drop-off service is easy and consist of three steps:
1. Make an appointment by calling (347) 682-5606
2. Come to the office to fill out an intake form and drop-off tax documents copies
3. One week later, come back to review and sign tax return.

To participate you must meet an annual household income limit of $64,000 per year.

Click here to know more about our Free Tax Preparation

Valentine's Day Winner

Last month we held a Valentine's Raffle for those members who opened checking accounts from Feb 1st - Feb 14th. The winner received a $100 prize to enjoy the night of Valentine's Day.

Pedro, our winner, was very surprised to hear the news and decided to have a Valentine's dinner at home with his family and instead save the prize for a bigger celebration later on.

Congratulations Pedro!

Five tips to get out of debt

If you’re paying credit card balances that never go down, these 5 tips may help.

1 - Understand your debt and the reason you ended up there. Make a list of all your debts including balances and interest rates.

2 - Know where your money is going. Track all your expenses using pen and paper, spreadsheets, apps like Mint.com or Money Desktop, or collect receipts.

3 - Decide what expenses you can cut, then use this money to pay debt. Make a list of basic needs (rent, food, transportation, etc.) versus wants (non-essentials like eating out, entertainment, subscriptions, gym, clothing, taxis, etc.).

4 - Consider a loan to consolidate debt. Your goal is to obtain lower interest rate. Don’t use credit cards to avoid more debt.
Pro-tip: Try living without credit cards and remove them from online shopping sites.

5 - Take advantage of balance transfer cards with lower or 0% interest. Stop adding debt, and make sure you can pay most of the debt within the grace period.
Pro-tip: Put credit cards in a container full of water and leave it in the freezer, so every time you want to use them you need to wait until defrosting!

Making extra payments by working more hours, having a side job, using your tax return, or asking for reduced interest, combined with your determination to commit to your plan, is always a great idea!

If you want to learn more about options to reduce debt and stick to your budget, I'm here to help!

Click here to request an appointment with Bernard